Turnbull promises $800 million to help economically distressed nations fight climate change

Prime Minister Malcolm Turnbull pledged to offer an extra investment of $800 million over five years to vulnerable nations at the United Nations climate change conference in Paris on Tuesday to help them cope with climate change.

The $800 million adds to the $200 million already promised at the Peru climate talks in 2014. The extra $800 million will, however, be redirected from the existing foreign aid budget.

Turnbull said that Australia will not be “daunted” by the climate change challenge as human ingenuity could help nations to cope up with the issue. More than 150 world leaders are at Paris for the climate change talks including U.S. President Barack Obama and French President Francois Hollande. The Australian prime minister announced providing the fund to aid Pacific Islands nations adapt to the climatic change along with controlling carbon pollution.

“The impacts of global warming are being felt in recent times and will continue to be so even after we reach global net zero emissions. Adaptation to the impacts of climate change is equally important and there too innovation is a key,” Turnbull stated in his national statement at the U.N. summit.

“Some of the most vulnerable nations are our Pacific neighbours and we are helping them to build resilience through practical action and assistance.”

The prime minister also focused on the carbon emissions target at the summit. He said that Australia has targeted emissions reduction for Paris at around 26 per cent to 28 per cent on 2005 levels by 2030 as initiated by former PM Tony Abbott. He added that it was one of the most challenging tasks for a G20 nation as Australia, but the nation will continue to work on the issue and ensure gradual increase in flexibility to the target.

Australia has also secured its chances to co-chair the Green Climate Fund, which is a global public fund that plans investment in climate action in financially poor nations.

At the U.N. summit, Canada also committed offering $2.65 billion over five years under the new leadership of Prime Minister Justin Trudeau, while Japan promises to provide $10.6 billion in private and public funds by 2020.

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